Is Sterling Heights, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Sterling Heights has remained a Seller's Market.
Key Takeaway
Sterling Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sterling Heights, MI
How much do homes in Sterling Heights, MI cost?
Median Sold Price
$299,801
$190/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Sterling Heights have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Sterling Heights was $299,801 in June 2024, up 7.7% from last year, and the median price per square foot was $190.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $99.9K | +5.2% |
| 2 Bedrooms | $197.9K | $215K | +8.6% |
| 3 Bedrooms | $276K | $294.6K | +6.7% |
| 4 Bedrooms | $336.5K | $365K | +8.4% |
| 5+ Bedrooms | $400K | $390K | -2.5% |
Summary: Sterling Heights housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes decreased by 2.5%.
Median Sold Price Compared To Nearby Cities
| Utica | $420K | $486K | +15.7% |
| Sterling Heights | $278.2K | $299.8K | +7.7% |
| Shelby Charter Township | $330.1K | $347.5K | +5.3% |
| Fraser | $219K | $227.2K | +3.8% |
| Clinton Township | $224.9K | $233.1K | +3.7% |
Housing Supply in Sterling Heights, MI
How many homes are available in Sterling Heights, MI?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 260 | 269 | +3.5% |
Summary: The Sterling Heights real estate market had 269 homes for sale in June 2024, a 3.5% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 61 | 52 | -14.8% |
| 3 Bedrooms | 121 | 135 | +11.6% |
| 4 Bedrooms | 65 | 68 | +4.6% |
| 5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The Sterling Heights housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 14.8%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 90 | 84 | -6.7% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
55 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sterling Heights, you could pay more than the asking price. 65.5% of homes here sold above asking price last month.
Summary: A total of 84 homes were sold or pending in Sterling Heights in June 2024, down by 6.7% month-over-month. Of the 84 sold homes, 20% were sold under asking, 14% were sold at asking, and 65% were sold over asking.
Days on Market for Sterling Heights, MI
How long does it take to sell a home in Sterling Heights, MI?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 10 Days | 14 Days | +33.4% |
Summary: Homes in Sterling Heights had an average of 14 days on market in Jun 2024, up by 33.4% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Sterling Heights are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 84 homes were sold in Sterling Heights; 93% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.